Losing everything I have
I have been in Dubai for about 3 1/2 years and have a serious debt problem. Altogther I have 2 loans, and 6 credit cards. I owe 601,900 Dirhams. Yes I am screwed... I take full responsibility of the debts. When I first moved over here with my wife and little girl, I took out a credit card and immediatley maxed this out, as we needed a place to live and buy furniture. Then my daughter needed to go to nursery (55000) a year. Luckly my wife got a job and brought in a second income. Anyway after moving 3 times, we had another baby (my son). Unfortunatley he wasn't very well, and was in ICU for a couple of weeks. My medical expenses only covered up to AED 20000. We needed a further AED 25,000. So I quickly arranged a loan.
Over in the UK my wife had a good job, she brought a house, cars, and paid for must things. But over here I thought I could change that, and that she could rely on me. I got the credit cards, I got the loans. I wanted her to be happy and not have to worry about anything. I should of said from the start about the finances. I should of never lied to my wife, my best friend. I know I have betrayed her trust for lying. There is no excuses, I can only say that I didn’t want to fail. I kept saying to myself “ I can sort this, if I just say to her that I have done it, I will be able to get it done”. The problem and being realistic is that I couldn’t apart from getting us in to more debt. I was under the misguided impression that I could fix the mess I created without anyone ever finding out about it. I have realised the full extent of what I have done. Over time, I will be able to repay my debt but I doubt that I will ever be able repair the damage I have done to us our marriage and with that fact that I have severely compromised your financial security here and at home.
I have banks calling everyday demanding payment. I'm scared to pick up the phone. Last week I even found myself driving around looking to see who I can rob. I need money to pay my debts off. All of this because I can not face the truth of what I have done. I have put myself and family in this position, but I do not know how to get us out of it???????
Yes I have to man up, take control of the situation.. But how on earth do I do this. I have managed to source consolidation loan from one of the banks. But they have stated that I have to reduce my current loan by AED 25,000 before they will relase the loan. HOW am I meant to reduce the current loan if I dont have the money... Catch 22 position.
I do not want to leave Dubai, I actually love it here. I have debt responsiblities therefore I dont want to do a runner.
My marraige is over, as I have lied to her many times about our financies, she has given me so many chances, but I have thrown it back in her face by lying again and again. This is I have told her everything but I know its over. I am sorry for hurting her so much.